Bright Dairy & Food's Synlait Milk to Set Up Hedging Business; Bright Dairy & Food Jumps 5%

MT Newswires Live

Dec 11, 2024

Bright Dairy & Food (SHA:600597) agreed that New Zealand subsidiary Synlait Milk (NZE:SML, ASX:SM1) will establish a hedging business to protect itself from exchange rate and interest rate risks, according to a Shanghai Stock Exchange disclosure on Tuesday.

Under the hedging business, the New Zealand milk producer will purchase forward foreign exchange and interest rate swap contracts.

The investment period will be between Jan. 1, 2025 to Dec. 31, 2025, the Chinese dairy products producer said.

The peak of foreign exchange forward contracts' interest in 2025 is expected to reach 1.50 billion yuan, while the peak of rate swap contracts' interest is anticipated to amount to 100 million yuan.

Bright Dairy & Food's shares jumped less than 5% in recent trade.

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